Funds Cut Net Gold Longs as ETFs Add Bullion
CFTC records show a 24% fall in managed-money net gold longs over six weeks, while September ETF holdings reached a record.
by Corinne Ashdown3 min read
Managed-money traders' net COMEX gold long fell 24% over six weeks, our calculation from the CFTC futures-and-options report as of October 6, 2026 and the August 25 snapshot. Net exposure dropped from 151,315 to 114,820 contracts. The comparison measures positions held on those dates; it does not measure bullion sold. For those of us holding gold, the smaller speculative long book gives us another measure of demand to weigh alongside the metal accumulated by physically backed ETFs.
Across those CFTC snapshots, reported longs fell by 32,970 contracts while shorts rose by 3,525. The smaller long book accounts for about 90% of the net decline, by our calculation. Bullish exposure was reduced much more than bearish exposure was added across the full window. The latest week looked different: in the report's comparison with September 29, the increase in shorts exceeded the reduction in longs. We can see how the positions changed, but the CFTC says it does not know traders' specific reasons for their positions. We would therefore avoid assigning the reduction to a particular motive or assuming the selling has finished.
The World Gold Council's October 7 report says global physically backed ETF holdings rose by 67 tonnes during September to a record 4,256 tonnes. That measure covers September, while our CFTC comparison extends from late August into October. The units differ too: bullion held by funds is recorded in tonnes, while the CFTC comparison measures net contracts across futures and options. We cannot subtract those figures from each other or infer that investors moved from futures into ETFs. The ETF record also gives you no basis to assume its investors will hold their shares longer than futures traders hold their positions.
Does a smaller speculative long book mean a rebound is due? These snapshots cannot tell us when funds will rebuild exposure. Renewed long buying could support gold prices if ETF holdings continue to rise; further reductions would leave that potential demand unrealised. We would want both records to point toward buying before counting on sustained support. If you hold SPDR Gold Shares, GLD on the NYSE, the global ETF total does not establish that fund's own inflows. For your mining shares, it also gives no cost or production estimate. In Gold Prices Rise Ahead of US Inflation Data, we put upcoming earnings alongside bullion prices; the positioning record adds a demand check without answering what the miners earned.
We will check whether longs stabilise or shorts keep growing in the next CFTC release, scheduled for October 16 at 3:30 p.m. Eastern Time.
Seek the truth and be prepared,
Equedia News
Sources
- Commodity Futures Trading Commission, Disaggregated futures-and-options positions, October 6, 2026
- Commodity Futures Trading Commission, Disaggregated futures-and-options positions, August 25, 2026
- Commodity Futures Trading Commission, COT methodology and trader classifications, reviewed October 14, 2026
- World Gold Council, September gold ETF holdings and flows, published October 7, 2026
- SPDR Gold Shares, US fund directory and GLD listing, reviewed October 14, 2026
- Commodity Futures Trading Commission, 2026 COT release schedule
- Equedia News, Gold Prices Rise Ahead of US Inflation Data
Disclaimer: This letter is for informational and educational purposes only and does not constitute investment advice. Past predictions and performance are not indicative of future results. We own gold and gold stocks. Please see our full terms of use and disclaimer at equedia.com.
